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RE: Yours.network | A 'Steemit-like' platform that uses Bitcoin | Built by a reddit guy
I see some potential problems with Yours, namely the fees involved. I also see the payouts being far less than here after the initial hype phase. Curation rewards will be a battle to earn your tip back as well. And I'm not sure how they will address early-vote bots.
All that said, I will definitely be on Yours and hope that it does succeed. I think it will be different than what we do here and if anything it may bring more people into crypto who would then become aware of Steemit and join us here as well. Most likely, they'll both exist side by side to each other's benefit in the long run.
Apparently, they have been able to reduce the fees via a lightning type network. I am still looking into it myself though. Yes, look in the interests of transparency, I have signed up for a preview account, and, I am sure most Steemians will as well in a month or so when this thing launches and is being advertised everywhere I think it is inevitable). This is why I am posting this here now so the devs are aware of what is coming.
As a 100% 'power upperer', I certainly hope that is the case, although, it is quite obvious, that more market cap = more users = more votes = more money = more win.
Can't Steemit 'just' add BTC too, or something?
I think it would be best for Steemit to find a way to integrate fiat on/off ramps, or for a third party site to emerge that can address this. Maybe we get big enough someday that Coinbase, Circle or someone else considers a direct Steem/USD market.
As far as adding Bitcoin, I assume Steemit could add a Bitcoin wallet hosted through another 3rd party to enable tipping, while also adding a way for people to allot money for Steem and power up whenever they see fit. I bet the latter is more in the plans than the former, as SBD serves the purpose of a tip vehicle, and there's no need to reduce one of its use cases.
We've seen Bitcoin tipping essentially fail with ChangeTip, and that was across pretty much all major platforms. Granted, there were no curation rewards, but it still never really got going. Brave is now introducing it into its browser, in a sort of ProTip fashion. I think Bitcoin tipping is great...for people with Bitcoin. Everyone else gets their tip and cashes in/spends it and moves on. I believe Steemit has a better retention ceiling in the long run with its design.
Also failed with ZapChain...
Yours and Synereo are going to have a big hurdle to overcome in terms of adoption for the same reasons as Steemit. The biggest difference is the currency, in that regard, and unless Yours works some simplifying magic, the difficulty of picking up on how to use BTC right out of the box will be a tall order for most casual users... the exact types a network needs to grow.
Forgot about zapchain... It's just so hard to make people cling to this sort of tipping idea when it costs them money that they don't even really understand how to use. I wish Yours well and will be on there since I love Bitcoin, but I don't plan on filling up my wallet aside from when I first deposit a little. Everything I make will be siphoned off and turned into Steem Power here XD
You're dead on with that. The key differentiator that Steemit has (from my perspective) is very low levels of friction to onboarding new users and for new users to understand how to use the platform at a very simplistic level. If Yours can't make that easy, they'll basically be waiting for new cryptocurrency users that adopted it through Steemit to come to their platform.
Also, if the user bases of /r/bitcoin and /r/btc are any indicator of the type of content and demographics of the users, it will basically be like those two subreddits with bitcoin rewards for content creators. There is very little diversity of thought over there. Part of the downsides to censorship -- when you send dissenting voices packing, new voices don't speak up and will leave. Well played, Theymos.
I hold no ill will to Yours either and am happy to see competition. Though I will admit ... I would be happy to see the BTC maximalist crowd STFU at some point down the road when they hopefully realize that this Highlander "There Can Be Only One" mantra is simply destructive. But that's just me :)
Some really good points here. I think I need to go and meditate on this stuff.
What I am most curious about yours.network, is how are the upvotes weighted etc. Is it a straight linear line, based on how much BTC you hold in your account with them? I see a lot of people here on Steemit complain about the whales, the 1% (not me, I love the whales). Save the whales. lol.
I think depending on how that is handled over at yours.network will determine how much of an impact it has on Steemit, because from the various bits and pieces I keep picking up on, this is their biggest gripe with Steemit (again, not my opinion).
As far as I understand it, you preset your tip amount with a slider of sorts under settings. I'm sure early on there will be whales tipping large amounts of btc to quality creators trying to get them to stick before tapering them off.
The problem with Yours is that their profit model relies solely on fees, else they want to introduce ads or track people's data. Steemit doesn't have to worry about any of these things. Steemit will just cash in its Steem when the company needs liquidity.
Since the value of Steem is essential to their profit model, short and long term, coupled with the fact that they hold the majority of tokens, together means that they have every incentive in the world to increase the value of Steem in the longrun. They do this by building out Steemit to become a hub of sorts, while enabling additional Steem apps to emerge across the Internet that exist in tandem with Steemit.
To me, that is the gamechanger in our future and what really has me so passionate about what's ahead. It's way bigger than blogging.